Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / No hostile takeover bid for Orchid, says Ranbaxy
BackBack

No hostile takeover bid for Orchid, says Ranbaxy

No hostile takeover bid for Orchid, says Ranbaxy

Premium

New Delhi: Pharmaceutical major Ranbaxy Laboratories, which has been linked to a hostile takeover bid of Chennai-based Orchid Chemicals, said on 9 April the company does not believe in such practices.

“As a company, we do not believe in hostile takeovers," a company spokesperson said.

Solrex Pharma, reportedly a Ranbaxy promoter group firm, had acquired over 8% in Orchid Chemicals through open market purchases.

The Ranbaxy official neither confirmed nor denied whether Solrex Pharma is a part of the Ranbaxy Group.

Yesterday (8 April), a top Orchid Chemical official confirmed to PTI that Ranbaxy has acquired further stake in the company, but declined to give further details or on whether any meeting was held between the two companies.

“Ranbaxy has acquired around five per cent stake in the company (but) we are not going to comment on anything that has been speculated about the acquisition of the company," Orchid Chemicals & Pharmaceuticals managing director Kailasam Raghvendra Rao said.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 09 Apr 2008, 04:15 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie